Boston Scientific to restrucure, expects ‘relatively unchanged’ headcount

Boston Scientific Corp. said late Wednesday it is restructuring to save the medical-device maker up to $150 million a year by 2020. The company said that it expects the number of employees to remain “relatively unchanged” as new jobs are created as obsolete ones are shed. Boston Scientific said it expects to spend $175 million to $225 million on the restructuring, which is expected to be completed by the end of 2018. Shares of Boston Scientific were unchanged at $22.80 after hours.

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From:: Stock Market News

Boston Scientific to restructure, expects ‘relatively unchanged’ headcount

Boston Scientific Corp. said late Wednesday it is restructuring to save the medical-device maker up to $150 million a year by 2020. The company said that it expects the number of employees to remain “relatively unchanged” as new jobs are created as obsolete ones are shed. Boston Scientific said it expects to spend $175 million to $225 million on the restructuring, which is expected to be completed by the end of 2018. Shares of Boston Scientific were unchanged at $22.80 after hours.

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From:: Stock Market News

Kiwi climbs to one-year high as New Zealand central bank holds rate steady

The New Zealand dollar rose to 0.709 against the U.S. dollar on Wednesday, the highest in a year as the New Zealand central bank kept its official rate unchanged at 2.25%. “There continue to be many uncertainties around the outlook. Internationally, these relate to the prospects for global growth and commodity prices, the outlook for global financial markets, and political risks,” said the Reserve Bank of New Zealand in a statement following its decision. It also cited stable inflation, continued inflow of immigration and pressures in the housing market for standing pat on the monetary policy.

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From:: Stock Market News

Chase Confirms Mortgage Hirings

Low interest rate on home loans are among the reasons why JPMorgan Chase & Co. is expanding its mortgage staff by hundreds.

Mortgage bankers, loan processors and mortgage underwriters are among the positions being filled by the New York-based company.

That is according to a spokeswoman at Chase who confirmed in a statement that hundreds of mortgage employees are being added.


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From:: Financing

Insmed shares drop after European drug-marketing application withdrawn

Insmed Inc. shares dropped in the extended session Wednesday after the biotech said it had withdrawn a European marketing application for a lung disease drug. Insmed shares fell 18% to $9.80 after hours. The company said the marketing application for the drug Arikayce was based on data from a mid-stage clinical study that didn’t support enough evidence for an approval from the European Medicines Agency. Insmed is trying to get the drug approved to treat nontuberculous mycobacteria lung disease, a rare and chronic infection that can cause potentially fatal lung damage. Insmed said it will resubmit the application when data is available from a later study.

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From:: Stock Market News

Bank Settles Discrimination Charges on AUS Denials

First-Citizens Bank & Trust Company has settled charges that manually underwritten white borrowers were denied less for mortgages than their non-white counterparts.

A Department of Housing and Urban Development analysis in 2010 of First Citizens’ Home Mortgage Disclosure Act data prompted a complaint filed in 2012.

On applications that were denied by automated underwriting systems, the subsequent manual underwriting provided loan approvals more often for white applicants.


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From:: Financing

Restoration Hardware shares tank after surprise quarterly loss

Shares of Restoration Hardware Holdings Inc. fell more than 14% late Wednesday after the retailer unexpectedly swung to a first-quarter loss and lowered its outlook for 2016, casting doubts about the luxury-goods market and citing potential product delays, among other issues. Restoration Hardware said it lost $2.1 million, or 5 cents a share, in the first quarter, versus a net income of $9.8 million, or 23 cents a share, in the year-ago period. Sales rose to $455.5 million in the quarter, from $422.4 million a year ago. Analysts polled by FactSet had expected the retailer to report earnings of 5 cents a share in the quarter on sales of $452 million. Restoration Hardware expects adjusted earnings between $1.60 a share and $1.80 a share for the year, a reduction of 90 cents to $1 a share, due to what it called “short-term” difficulties. For the second quarter, it forecast earnings between 28 cents and 33 cents a share on revenue in the range of $505 million to $520 million. The analysts surveyed by FactSet had expected adjusted earnings of 79 cents a share on sales of $532 million for current quarter. Restoration Hardware shares ended Wednesday up 2%.

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From:: Stock Market News

ADA and Website Compliance

By Susanne Dwyer

Many real estate professionals have become increasingly concerned about the lack of guidance from the Department of Justice (DOJ) with respect to a business’ obligation under the Americans with Disabilities Act (ADA) to make its website accessible. The business community anticipated a rule in the spring of 2016, but was disappointed by the DOJ’s announcement that a final rule will not be issued until sometime in 2018.

In the meantime, courts around the country have been asked to resolve the question of whether the ADA’s accessibility obligations extend to a business’ online presence. This has created split opinions among the various circuits. DOJ enforcement actions, as well as demand letters and complaints filed by private litigants, are contributing to confusion from this de facto rulemaking and uncertain state of the law. A number of demand letters, which include the threat of litigation, have been sent on behalf of individuals with disabilities, alleging that business websites are inaccessible and in violation of the ADA. The lack of federal regulation governing website accessibility has encouraged these lawsuits, leaving real estate professionals confused about how to mitigate legal risks in this area.

Without a clear path to compliance, plaintiffs are using the ADA to demand restitution from businesses. Some states and local governments have even started enacting their own laws related to government agencies’ website accessibility. If there’s a rise in state and local requirements regarding website accessibility for businesses, along with the varying court opinions on the issue, it could subject businesses to inconsistent rules across jurisdictions.

So what can you, as a business owner, do to get ahead of this issue? You can review the “Web Content Accessibility Guidelines 2.0,” which were developed by the World Wide Web Consortium to help developers and site managers make the Web more accessible. Contact your website provider and ask what’s being done to create or improve accessibility and how to ensure ongoing compliance with the guidelines. If you operate your own website and don’t have the technical expertise in-house, consult an expert who specializes in creating and maintaining accessible websites.

In their settlement orders, the DOJ has generally allowed businesses up to 18 months to implement accessibility changes to their sites. Educate and train relevant personnel to ensure they’re knowledgeable about and focused on your business’ online accessibility. Technical experts are also available to monitor your website and alert you when a change or remediation is necessary.

You might also consider making it easier for site users who may be disabled to get in touch. Adding contact information for someone at your business who can respond to a particular user’s inability to access the site, or a portion of it, is a proactive step you can take to address site accessibility issues. A simple feedback form is another tool to help users inform you about what accessibility features may need to be improved or added. With more and more business being conducted over the Internet, getting out in front of the online accessibility issue is a smart business decision. …read more

From:: Finance and Economy